The global Small Satellite Market was valued at US$ 3.3 Billion in 2021 and is expected to surpass US$ 12.6 Billion by 2030, registering a CAGR of 16.2% during the forecast period (2022-2030), according to the Global Small Satellite Market Report, by Satellite Size (Minisatellite, Microsatellite, Nanosatellite, Picosatellite, Femtosatellite), by Application Type (Earth Observation, Telecommunication, Scientific Research, Technology Demonstration), by End User (Civil, Defense, Commercial, Government), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
Significant growth in the communication and telecom sector is expected to increase demand for small satellites during the forecast period Satellite communication technology offers data, voice, and video services in remote locations. It helps to track and monitor vehicles and vessels to offer efficient logistics support. Provide internet facility and calling connectivity for business to set up in rural and backward area across the globe. According to analysis, around 6200 satellite are expected to be launched by 2027, of which around 50% are expected to belong to the telecom industry.
The growth of small satellite market is attributed to increasing adoption of small satellites for earth observatory and defense applications. Small satellites are used by government organizations in earth observatory for several applications such weather forecasting and agriculture or wasteland and natural resources management. Small satellites also can be used to monitor natural calamities and affected areas. Small satellites are used in the defense sector to monitor international borders and activities during warfare situations. Satellite phones also offer communication in remote areas. Use of small satellites for earth observatory is also one of the contributing factors for the small satellite market growth. According to ’ analysis, around 1,980 operational satellites were in space till April 2018, and 684 of these were tasked to offer services for earth observation. Earth observation satellites are mainly used for optical imaging, radar imaging, infrared imaging, and multispectral imaging.
Global Small Satellite Market- Impact of Coronavirus (Covid-19) Pandemic
The covid-19 pandemic has immensely damaged the global economy. The global small satellite market faced many challenges during the pandemic. The stringent lockdown imposed by the government of various countries disrupted the business logistics and supply chain operations. Due to this the global small satellite market also witnessed supply chain disruptions and hence the space launch projects were delayed resulting in slow growth of the global small satellite market.
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Key Trends and Analysis of the Global Small Satellite Market: